Ready Capital in New York announced a series of significant portfolio actions this summer as it continues to sharpen its focus.
The company sold its residential mortgage banking segment during the second quarter.
On Aug. 6, Ready completed its first bulk sale of legacy bridge loans, unloading $494 million of multifamily bridge assets. The transaction, which eliminates all 2021 vintage syndicated loans, generated net proceeds of $85 million.
Management said that about three-fourths of the pool were noncore. About 40% were delinquent, a third were risk-rated 4 or 5, and 92% were nonaccrual.
Another $26 million of real estate owned in this deal is expected to settle by mid-August.